Singapore Airlines (SIA) has reported a substantial increase in CEO Goh Choon Phong’s total remuneration for the financial year 2024, reflecting the airline’s robust financial performance.
According to SIA’s annual report released on 1 July, Mr Goh’s pay surged by 20.6% to S$8.1 million, up from S$6.7 million in the previous year.
Mr Goh’s compensation package for FY 2024 includes a S$1.4 million basic salary, constituting 18% of his total remuneration, along with S$2.2 million in bonuses (27% of total), and S$4.3 million in SIA shares. Additional benefits accounted for nearly S$148,000.
The increase in Mr Goh’s pay aligns with SIA’s record-breaking financial results. The airline reported a net profit of S$2.7 billion for FY 2024, marking a 24% increase from $2.2 billion the previous year.
In response to this exceptional performance, eligible SIA employees were rewarded with nearly eight months of profit-sharing bonuses.
Chief Commercial Officer Lee Lik Hsin and Chief Operations Officer Tan Kai Ping also saw significant rises in their remuneration, each receiving between S$3.5 million and S$3.75 million for FY 2024, compared to S$2.75 million to S$3 million in FY 2023.
Following the publication of the annual report, SIA’s shares experienced a slight drop of 2 cents in their share value, with exchanges taking place between S$6.86 and S$6.90, eventually closing at $6.88.
It is noteworthy that in March 2020, State investor Temasek Holdings, along with other stakeholders, orchestrated a funding package amounting to up to S$19 billion (US$13.27 billion) for Singapore Airlines (SIA). This marked the largest single rescue effort for an airline grappling with the severe impact of the coronavirus pandemic.
It is unknown if the investors have recouped their funding to SIA.
